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Sao Paulo, Brazil, August 22, 2007
- IFC, the private sector arm of the World Bank Group, is providing financing to Sabó Ind. e Comércio de Autopeças Ltda., an auto part supplier headquartered in Sao Paulo, Brazil, to support the company’s investment program and help the family-owned business become more competitive in the global market.
The announcement of IFC’s $40 million loan was made as part of the first official visit to Brazil by
Lars Thunell, IFC’s Executive Vice President and CEO.
It comes at a time when IFC is increasingly focusing on midsize companies such as Sabo.
“We are very pleased to be partnering with Sabo as it expands its business,”
said Lars Thunell.
“IFC’s role is to work with companies such as Sabo, to ensure that they have the access to financing they need to foster their growth and expansion.”
Sabó produces sealing and fluid conveyance devices for major original equipment manufacturers, known as OEMs, in the automotive industry in South America, Europe, and the United States. Over its 65-year history, the company has developed strong relationships with its clients worldwide, in the OEM market as well as in the aftermarket. Sabó has emerged as one of the leading suppliers to global OEMs in its main markets, exporting to over 70 countries. It has a solid reputation for product innovation and an ability to offer competitively priced products with high quality standards.
Jose Eduardo Sabó
, Sabó’s CEO, said,
“The expansion will allow our company to continue growing globally, including in the fast-growing emerging markets. IFC’s support is essential, as it provides long-term funding and assists in our continuing effort to improve corporate governance and environmental and social practices.”
IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing capital in the international financial markets, and providing advisory services to businesses and governments. IFC’s vision is that poor people have the opportunity to escape poverty and improve their lives. In FY06, IFC committed $8.3 billion, including syndications, to 284 investments in 66 developing countries. For more information, please visit
www.ifc.org
.
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